The United Kingdom's National Crime Agency will test a new approach to handling suspicious activity reports in its efforts to combat rampant money laundering through British banks.
The U.K.'s national economic crime unit will launch a new assault on money laundering in what it sees as an essential fight to protect the country's reputation as a financial center, a top official in the agency said, in an interview with ACAMS moneylaundering.com.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.